中国食品企业海外并购的财务风险识别与控制研究

发布时间：2018-05-02 20:37

本文选题：食品企业 + 海外并购财务风险　；参考：《西南财经大学》2014年硕士论文

【摘要】：近年来中国食品巨头纷纷转战国外,已不是新鲜的话题,中国较大的食品企业大多都已建立国际化的发展战略目标,海外收购案数目在未来几年会越来越多。但是食品企业海外并购之路走的并不顺利。以光明集团为例,自2010年至2012年已经进行八次海外并购,然而收获甚微,付出了极大的代价。深入分析以后可以看出目前中国食品企业需要开展海外并购,然而却遇到很多因素影响其并购的成功性。造成这个结果的原因包括很多方面,宏观的和企业微观的因素。比如政治、经济、文化、财务、企业自身软肋等,但是,食品质量控制成本、食品行业敏感度、食品安全、信任危机、融资难题、并购整合等可能引起的财务风险在食品企业风险中占有十分重要的地位,是牵一发而动全身的因素,可以看出对我国食品企业海外并购中的财务风险的研究是十分必要的。因此,本文着重从中国食品企业的角度出发研究其海外并购财务风险的识别和控制。本文共分为七个部分,各部分的主要内容如下：第一部分为研究的背景,指出了本文研究的背景意义及研究的思路方法。第二部分为文献综述,综述国内外海外并购风险识别与控制研究现状,评价了国内外研究的进展。第三部分理论基础。对本文研究对象海外并购财务风险进行了界定,同时概述了海外并购财务风险识别理论、控制理论。第四部分一开始详尽地分析了中国食品企业海外并购的基本情况、并购动因和海外并购特点,然后将食品企业海外并购分为并购前的准备阶段、并购中的实施阶段、并购后的整合阶段分别介绍了其财务风险的主要直接以及间接引发因素,从而识别中国食品企业海外并购的财务风险。第五部分在对中国食品企业海外并购财务风险识别的基础上,提出了针对每一阶段财务风险的控制措施,对中国食品企业海外并购过程中的财务风险进行及时有效的预防和控制,以提升中国食品企业海外并购能力,增强其国际竞争力。第六部分选取中国食品企业海外并购案例-光明食品集团收购英国维他麦,对其进行深入剖析,分析案例并购方在海外并购中的风险识别与控制,对其控制效果进行评价。理论结合案例,很好地验证了论文研究成果的有效性和适用性。第七部分研究结论。根据前文的理论分析以及案例研究总结结论和不足。本文的主要贡献在于：从中国食品企业海外并购财务风险角度出发,对与中国食品企业海外并购活动中的相关风险进行了较全面地识别,并在风险识别的基础上,提出了相应的风险控制措施和方法。同时运用一个较新的案例系统地、全局地、有针对性地验证分析,得出启示。因此,本文的研究成果能够为以后中国食品企业开展海外并购识别与控制财务风险给予一定的借鉴及参考。因作者的理论水平还需进一步完善、提高,因此本文对中国食品企业海外并购财务风险进行的研究只包括识别与控制的理论研究,需要更多量化分析以及实证去完善,是本文的不足之处。
[Abstract]:In recent years , China ' s food giants have been fighting abroad , which is not a fresh topic . Most of China ' s larger food enterprises have set up an international development strategic goal . However , there are many factors that affect the success of M & A . However , the reasons for this result include many factors , macro and enterprise micro factors , such as politics , economy , culture , finance , enterprise ' s own soft rib , etc .

This article is divided into seven parts , the main contents of each part are as follows :

The first part is divided into the background of the research , and points out the background significance and the thinking method of the research .

In the second part , this paper reviews the current situation of overseas M & A risk identification and control research at home and abroad , and evaluates the progress of the research at home and abroad .

The third part is based on the theory of overseas M & A financial risks , and also gives an overview of overseas M & A financial risk identification theory and control theory .

The fourth part begins with the analysis of the basic situation , the reason of M & A and the characteristics of overseas M & A , then divides the overseas M & A into the pre - merger preparation stage , the implementation stage in the M & A and the integration stage after the M & A .

The fifth part , on the basis of the recognition of the financial risk of Chinese food enterprises ' overseas acquisition and acquisition , puts forward the control measures aiming at the financial risks in each stage , and timely and effectively prevents and controls the financial risks in the process of overseas M & A in Chinese food enterprises , so as to improve the overseas M & A capability of Chinese food enterprises and enhance their international competitiveness .

In the sixth part , select the overseas M & A cases of Chinese food enterprises - Guangming Food Group to acquire the UK Weihe wheat , analyze it in depth , analyze the risk identification and control of the case M & A party in the overseas M & A , and evaluate the control effect . The theory combination case studies the validity and applicability of the research results well .

According to the theoretical analysis of the preceding text and the conclusion and deficiency of the case study .

The main contributions of this paper are : from the perspective of the financial risk of overseas M & A in Chinese food enterprises , the relevant risks in the overseas M & A activities of Chinese food enterprises are comprehensively identified , and corresponding risk control measures and methods are put forward on the basis of risk identification .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.82;F271;F406.7

【参考文献】